South Korea’s Growing Wealth Gap: Silver Spoon Boom Raises Concern

As South Korea grapples with challenges such as rapid population aging, youth job shortages, and sluggish economic growth, another alarming issue is drawing attention — the widening wealth gap in South Korea. Recent data show a sharp rise in the number of so-called silver spoon babies and teenagers — children born into wealthy families who are already earning income from investments — while the number of people depending on government welfare has also steadily increased.

According to the National Tax Service, the number of newborns receiving stock dividends has surged nearly tenfold over the past five years. Many of these infants and minors now have savings accounts that collect annual interest from their inherited stock portfolios. In total, about 5 million minors reported financial income, with their combined non-labor earnings reaching approximately 640 billion won.

This inherited wealth is also visible among university law students, where privilege and education often intersect. Data from the Korea Scholarship Foundation and the Ministry of Education revealed that nearly 70% of the 6,163 law students nationwide come from households earning more than 146 million won annually. Most of these students are enrolled in elite law schools like Seoul National University and Yonsei University, institutions that remain financially out of reach for lower-income families.

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In contrast, the number of “plastic” or “dirt spoon” individuals — those born into underprivileged backgrounds — continues to grow. These people face uphill challenges from birth, struggling with limited access to quality education, job opportunities, and financial stability. As of last year, one in 20 South Koreans relied on public welfare support, marking the highest level on record, with notable increases among seniors, teens, and young adults.

Experts warn that the recent stock market boom and the trend of gifting shares to family members will further intensify wealth inequality. They emphasize that without stronger policies on taxation and wealth redistribution, South Korea risks deepening its social and economic divide, leaving ordinary citizens further behind. Many are urging the government to implement fairer wealth distribution principles to ensure that every South Korean — regardless of background — has a genuine chance to succeed.

Source: (1)